Jack M. Guttentag

Jack Mack Guttentag
Jack Mack Guttentag
Born	9 December 1923 (age 102); Brooklyn, New York, U.S.
Died	6 February 2024 (aged 100); Gladwyne, Pennsylvania, U.S.
Occupation(s)	Banker, finance academic, consumer advocate
Years active	1962–2024
Known for	The Mortgage Professor, consumer advocacy in mortgage finance

Jack Mack Guttentag (December 9, 1923 – February 6, 2024) was a distinguished American banker and finance academic affiliated with the Wharton School of the University of Pennsylvania. He was recognized as a consumer advocate and established The Mortgage Professor, an online platform providing unbiased, no-cost guidance on mortgage matters.

Background

Guttentag was born in Brooklyn, New York and obtained his Bachelor of Science from Purdue University, followed by a Master of Science and Doctorate from Columbia University. He died at the age of 100 in Gladwyne, Pennsylvania.

Wharton tenure

From 1962 until his passing, Guttentag was a faculty member at Wharton, holding prestigious positions such as the Robert Morris Professor of Banking and the Jacob Safra Professor of International Banking. He was named professor emeritus in 1996. Additionally, he co-led the International Housing Finance Program at the Samuel Zell and Robert Lurie Real Estate Center.

His scholarly work concentrated on transforming financial institutions, enhancing financial markets, and optimizing central bank functions. He explored innovations in monetary policy, real estate finance, housing economics, and commercial banking. His efforts included restructuring banking operations for organizations like the Federal Reserve, insurance companies, pension funds, and savings and loan associations. He also played a role in developing innovative mortgage products.

Advocacy for consumers

In 1985, alongside Wharton colleague E. Gerald Hurst, Guttentag co-established GHR Systems, Inc., which created an electronic platform to swiftly distribute complex mortgage data to loan officers, brokers, and borrowers. This company was acquired by Metavante in 2005.

After attaining emeritus status at Wharton, Guttentag founded The Mortgage Professor website to assist consumers in understanding the complexities of home financing. He authored multiple books including The Pocket Mortgage Guide (2003) and The Mortgage Encyclopedia (2004, 2010), and penned the widely syndicated column “Ask the Mortgage Professor.”

He introduced three certification programs for mortgage professionals: the Upfront Mortgage Broker (UMB) certification in 2000 for brokers committed to specific ethical standards; the Upfront Mortgage Brokers Association (UMBA) in 2001 to manage oversight activities—where he served as chairman; and the Upfront Mortgage Lender (UML) certification in 2006 to recognize lenders offering full price transparency without requiring borrower identification.

In 2012, he launched the Certified Network Lenders (CNL) certification to designate lenders who agreed to provide comprehensive pricing and underwriting documentation to The Mortgage Professor platform.

Reverse mortgage specialization

Starting in early 2014, Guttentag directed his attention toward the U.S. reverse mortgage sector, focusing mainly on the HUD-backed HECM Reverse Mortgage program. He provided a reverse mortgage comparison service on his website and authored detailed analyses critiquing the HECM program from both consumer protection and public policy viewpoints.

Planning for retirement

Concerned that reverse mortgages were often perceived negatively as a "last resort" option for retirees and thus underused, Guttentag collaborated with Allan Redstone to develop the Retirement Funds Integrator. This analytical tool is designed to optimize lifelong income by integrating a retiree’s liquid assets with their home equity. He extensively elaborated on this approach through his Forbes column and on his Mortgage Professor site.

Additional Roles

Prior to his tenure at Wharton, Guttentag held the position of Chief within the Domestic Research Division at the Federal Reserve Bank of New York and was a member of the senior team at the National Bureau of Economic Research. He took on the role of managing editor for The Journal of Finance from 1974 to 1977, as well as for The Housing Finance Review between 1983 and 1989. Following his transition to emeritus status, he provided consulting services to various government bodies and private sector financial organizations.

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